New capital will support acceleration of energy projects.
Harvest Power Inc., a Waltham, Massachusetts-based company that turns organic waste into clean energy and natural soils, fertilizers and mulches, has announced a $20 million financing round. The lead investors were True North Venture Partners, Chicago; Industry Ventures, San Francisco; and Generation Investment Management, London. This financing will allow Harvest to accelerate development of new opportunities in the clean energy space with its anaerobic digestion technologies, as well as provide growth capital for both its bulk and consumer organics businesses, the company says.
“I am pleased that Harvest Power has such strong support from our investors,” says Kathleen Ligocki, Harvest Power CEO. “Harvest’s growth over the last few years has been impressive, positioning the company at the forefront of an organics revolution. Food and organic waste diversion is an incredibly hot topic for many communities, as is producing renewable natural gas from anaerobic digestion. This injection of capital, combined with our outstanding team, unique competencies, and superior products, will catalyze the next level of growth for our company.”
Michael Ahearn, who has served on Harvest’s board of directors since 2012, has been named the new chairman of the board of directors. Ahearn has proven experience scaling companies, leveraging strategic positions, and identifying opportunities for growth, according to the company. The founder and former board chairman, Paul Sellew, will continue with Harvest as thought leader and chairman of the company’s Industry Advisory Board.
“Harvest is defining the sustainable path for communities to manage their organic waste streams in the future. It’s important work, and with Kathleen’s leadership and the excellent team she has assembled Harvest is well positioned to succeed,” says Ahearn. “We’re pleased to join the rest of the strong investor group Harvest has assembled in supporting this effort.”
Harvest Power helps communities across North America better manage and beneficially re-use their organic waste through the production of renewable energy, soils, mulches and natural fertilizers. Harvest has grown rapidly since its founding in 2008, garnering awards for its business of recycling, energy generation and soil revitalization. The company has been named to the Global Cleantech 100 for five years in a row, received Bloomberg’s 2013 New Energy Pioneer Award and was named one of Fast Company’s 50 Most Innovative Companies in the World for 2014.
